Ref Soya Oil On NCDEX Settled Down -0.55% At 622.85

Ref Soya oil on NCDEX settled down -0.55% at 622.85 tracking weakness in spot demand on oversupply woes. Import of soybean oil for May is in parity of Rs 30-32 per 10 kilogram, indicating higher supply situation in near term. The mills have procured large volumes of soybean earlier in the season at lower levels which helps in more competitive prices of meals for record exports. The supplies have been decreased drastically last week compared to previous week so as the demand. As per data, arrivals of soybean during Mar 27- Apr 1 were about 32,514 tonnes Vs 90,767 tonnes during previous week. The government lowered the base import price of crude soyoil by $21 to $784 per tonnes for first half of April which may pressurize edible oil.